When you look at the transactions on your checking account, do you
find that a lot of your spending is on little things that add up quickly?
A penny here, a penny there can add up to be a significant drain on
your resources. Cutting back on small expenses may be the thing to
do, but where do you start? Here are some suggestions for changing
your spending habits in certain areas of your life—mealtime,
around the house, transportation, entertainment and more.
8:00 a.m. Breakfast.
Eating a healthy breakfast sets you up for a good day and saves you
money. For many of us, breakfast can often become the first thing
we skip during a hectic morning. We may even end up spending five
or six dollars by buying coffee and a bagel on the way to work. If
you go out 3 days a week, 50 weeks a year, you'll spend at least $750
on breakfast on the go. Cut back by making coffee at home and buying
easy to bring breakfast items from the grocery store. Bringing an
extra apple or banana may prevent hitting the vending machine for
a mid-morning snack.
9:00 a.m. Be free from video rental late fees.
You rented a movie on Sunday. Your week at work was so hectic that
by Thursday you remember you haven't watched it yet and the late fee
is more than the cost of buying a new DVD. Sound familiar? Netflix
or Blockbuster
allow you to search their listings and create a rental queue. For
about $20 a month, you can rent as many DVD’s as you want, keeping
them out for as long as you want, depending on your contract. When
you return one, the company will send you the next one from your queue.
Each movie comes in a prepaid envelope, which you use to return the
DVD, and you'll never pay late fees again.
9:30 a.m. Save money on groceries.
To save money on groceries, consider joining a warehouse club like
BJ's Wholesale Club, Costco, or Sam's Club. These clubs can be 20
to 50 percent cheaper than regular grocery stores when it comes to
products like coffee, bottled water, meats, and fruits and vegetables.
But don't forget your local grocery store all together. They may have
better deals on items like deli meats, chips, and cookies.
Noon. Brown Bag lunch.
Bring lunch to work. You will be amazed at how much this saves you.
On average, lunch can cost around $7. However, when you bring lunch
from home, it costs an average of $2 for a sandwich and a snack. So,
five days of bringing lunch at $2 equals $10 per week. Eating out
every day would cost $35 per week, so bringing lunch 5 days a week
would save $25 a week. That's $100 a month. Who couldn't use that?
1:00 p.m. Cut heating and utility costs.
The U.S. Department of Energy estimates that the average family spends
$1,400 a year on energy bills. This past season, prices soared up
to 45 percent, partly due to increased demand. To lower your bill,
minimize electricity use during peak hours (weekdays during work hours).
Turn off the tap when brushing your teeth. Consider turning off the
shower when shampooing and soaping. Use curtains to keep your house
cool in summer and warm in winter.
Keep thermostats lower in the winter and wear extra layers. Also,
use ceiling fans in summer and winter (reverse directions to push
warm air down).
2:00 p.m. Donate old items.
Go through your closets and bookshelves for clothing and household
items you can donate. If you haven't worn or used it in the last two
years, give it away. Try to do this at least twice a year, and remember
to get a receipt from the charity. When it comes tax time, you'll
be able to itemize these deductions and receive a tax break for your
donations.
3:00 p.m. Get a better credit card rate.
If you tend to carry a balance and your credit card company is charging
you more than the average interest rate of 12 to 13 percent, call
to negotiate a better deal. If your issuer won't budge, go to www.bankrate.com
to look for a lower rate. If you can save even 1 percent on a $5,000
balance, you'll be saving $50 a year.
4:00 p.m. Find a better checking account.
Look at your recent checking account statement and add up the fees
you pay for ATM withdrawals, monthly maintenance, and any penalties
for letting your account dip below the minimum balance. Do the research
to find better products offered at various banks, along with rates,
fees, and minimum-balance requirements that would benefit you the
most. It pays to shop around. You could potentially save yourself
a significant amount of money by choosing the right checking account
for you.
5:00 p.m. Commuting Costs.
There are many ways to reduce transportation costs. If you are in
the market for a car, consider buying used. Because cars lose most
of their value in the first few years, buying used allows you to drive
a vehicle you probably couldn't afford brand new. And you'll pay less
for collision insurance and taxes, too.
Also consider taking the bus to get where you need to go. Public transportation
can save you on commuting costs because you won't have to spend money
on a parking space, gas and auto maintenance. And last but not least,
consider car pooling. Sharing the ride and expense with another person
heading your way can cut your gas costs in half.
5:30 p.m. Dinner Time.
Make a weekly dinner menu. Having a plan for the week will save you
money and time on dinner. After working all day, the last thing we
want to do is think about what to make for dinner. Also consider making
a few nights worth of dinners on the weekends and store in your fridge.
That way dinner is ready, and all you need to do is heat it up.
If you are eating out, consider ordering an appetizer. The portions
are a little smaller than an entrée, but cost much less. It
is also a healthier choice from a calorie standpoint. If you don't
see anything you like on the appetizer menu, consider ordering your
entrée with a doggy bag. Put half of your entrée in
the doggy bag before you begin eating. You'll have a meal to eat at
home tomorrow and you won't be tempted to overeat today.
6:00 p.m. Convert coins to cash and get a library card.
After dinner, gather up all your spare change and go to one of the
free change counting machines that are available in many local grocery
stores. While you're out, sign up for a library card. Borrowing hardcover
books instead of buying them can save even the casual reader a significant
amount of money. Libraries also carry many new DVD's. So consider
your local library to help save on other entertainment costs.
9:00 p.m. Give yourself a pat on the back.
Getting starting on controlling your expenses can be intimidating.
You should feel good about yourself that you've started. Paying attention
to the small expenses can add up to big savings and gets easier with
practice.
